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Marine hydro firm Aquamarine Power secures additional funding

Wave energy hydro developer Aquamarine Power announced that it has successfully raised an additional 6 million pounds (US$8.9million) of funding. This follows the recent unveiling of the design of its Oyster 2 device, which will be built in Scotland later this year.

The proceeds of the fundraising will be used to fund the procurement program and provide general working capital.

This new generation of the device has a capacity of 800 kilowatts and is expected to deliver 250 percent more power than the original Oyster 1 with only a 50 percent increase in footprint. Oyster 1 has been undergoing sea trials at the European Marine Energy Centre (EMEC) in Orkney since November of last year and is connected to the National Grid.

Aquamarine will begin deployment of Oyster 2, which consists of three flaps linked to a single onshore 2.4 MW hydro-electric turbine, at EMEC in summer 2011. Earlier this year, Aquamarine Power secured an award from the Carbon Trust’s Marine Renewables Proving Fund (MRPF) to support the manufacture of Oyster 2.

In partnership with SSE Renewables, the company has already been successful in the Crown Estate leasing round, securing exclusive rights to develop the 200-megawatt (MW) Brough Head wave farm. This joint venture is the first site development within the agreement with SSE Renewables to jointly develop up to 1,000 MW of marine energy sites by 2020 using Oyster technology.

This article was reprinted with permission from RenewableEnergyWorld.com as part of the PennWell Corporation Renewable Energy World Network and may not be reproduced without express written permission from the publisher.

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